Before the United States suspended diplomatic operations in Venezuela, the United States was Venezuela`s largest trading partner. Bilateral merchandise trade between the two countries reached $3.2 billion in 2019. In 2019, U.S. merchandise exports to Venezuela totaled $1.2 billion. U.S. imports from Venezuela totaled $1.9 billion. In the past, U.S. exports to Venezuela included refined oil and petroleum products, machinery, organic chemicals and agricultural products. Crude oil dominated U.S. imports from Venezuela, which was one of the top five suppliers of foreign oil to the United States. By early 2019, Venezuelan crude oil imports averaged 500,000 barrels per day, but U.S. sanctions reduced them to zero.
Previously, U.S. foreign direct investment in Venezuela focused primarily on the oil sector, but sanctions, combined with the poor trading environment, have significantly reduced these investments. EU trade with Venezuela is affected by Venezuela`s ongoing economic crisis. There are no preferential trade agreements between Venezuela and the EU. Trade relations between the EU and Venezuela are based on World Trade Organization (WTO) rules and tariffs. Venezuela is therefore not part of the EU-Mercosur trade agreement. Since 2005, the president has noted annually that Venezuela and, more recently, Maduro`s illegitimate regime have "clearly failed" to meet its drug control obligations under international anti-drug agreements. The President adopted an exception rule for national interests to pursue certain aid programs essential to U.S. national interests, such as human rights programs and civil social programs.
The climate of trade and investment in Venezuela remains a challenge for EU operators, particularly given the economic policies and controls put in place in recent years, such as currency and price controls, expropriation and other forms of state intervention in the economy. EU foreign investment has increased from 21.4 billion euros in 2013 to 12.9 billion euros in 2018. In accordance with AECA Section 40A, the State Department has found annually since 2006 that Venezuela has been "not cooperating fully" with U.S. counterterrorism efforts. Under this provision, defence goods and services cannot be sold or licensed for export to Venezuela during the year in question. For more information on U.S. relations with Venezuela, see: U.S. government support for the democratic aspirations of the Venezuelan people. Unless otherwise stated, you keep in mind the "EU concerns" for all the years indicated, the Current European Union with 27 Member States. The Von Guaido transitional government is also an active member of the Lima Group, a large group of like-minded nations, created in 2017 to facilitate regional coordination in the search for a democratic solution to the Venezuelan crisis. On August 5, 2019, President E.O. signed 13884, which blocks all property and property interests of the Venezuelan government that are in the United States or are in the possession or control of a person in the United States.
In conjunction with E.O. 13884, the Treasury has also been issued or, including those that, among other things, authorize, transactions with Guaido and the National Assembly, activities for the official activity of some international organizations and activities NGOs are committed to supporting humanitarian projects to meet basic human needs in Venezuela.
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